If You Wanted to Find the Difference Between the Smallest

question 28

Multiple Choice

If you wanted to find the difference between the smallest and largest score in a variable, you would calculate the ______.

• A) variance
• B) variability
• C) standard deviation
• D) range

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Definitions:

Indifference Curves

A graphical representation showing combinations of goods that provide equal satisfaction and utility to a consumer.

Vertical Axis

In graphing, the y-axis, which typically represents the dependent variable or the quantity being measured.

Utility Function

A mathematical representation that shows the relationship between an individual's consumption bundle and the level of satisfaction or utility derived from it.

Indifference Curves

Indifference curves are graphical representations used in microeconomics to demonstrate a consumer's preferences for various combinations of two goods, keeping satisfaction constant.